Charlotte, North Carolina-based Nucor’s Consumer Spot Price (CSP) -the posted base price it charges for hot-rolled coils (HRC) across all of its regional mills- was reported higher today for a 19th week, rising another $5/nt to $1,095/nt ($1,207/mt), or $54.75/cwt., up from $1,090/nt ($1,202/mt), or $54.50/cwt., one week earlier.
Nucor’s California Steel Industries (CSI) base price, also rose another $5/nt to $1,145/nt ($1,262/mt), or $57.25/cwt., up from $1,140/nt ($1,257/mt), or $57/cwt., seven days earlier.
Insiders tell SteelOrbis the Nucor CSP increases are primarily due to continued strength in US finished steel markets, the result of sharp reductions in global finished steel imports -the effect of ongoing Section 232 steel tariffs- which have reduced finished steel imports by nearly 30 percent versus year-ago levels.
Steel insiders told SteelOrbis that rising energy costs also are contributing to continued strength in finished steel prices. A US blockade in the Strait of Hormuz since April 13 continues to keep global oil prices elevated, as about 20 percent of global oil supplies flow through the contested area. Current West Texas Intermediate crude oil trades at $93.00-$94.50 per barrel (/bbl), off from $102-$106/bbl) a week earlier. Despite continued ups and downs in weekly WTI values, prices remain at levels not seen since early 2022.
As available supplies remain reduced by a lack of imports, insiders said US mills continue to produce at levels in excess of 82 percent of capacity to make up local supply shortfalls. And, as mill output now exceeds levels not seen since 2021, the addition of high raw material prices in the form of domestic ferrous scrap also continue to be supportive for flat steel pricing. May scrap levels settled at sideways to up to $20/gt higher than equivalent April prices, and though early in discussions, June scrap also is seen steady to May pricing.
In weekly HRC spot markets, the SteelOrbis HRC price average price closed the week ended May 22, up $10/nt to $1,085/nt ($1,196/mt), or $54.25/cwt., up from $1,075/nt, ($1,185/mt), or $53.75/cwt., on an FOB basis, one week earlier.
US spot supplies of finished steel have remained under pressure recently from a continued paucity of steel imports, the result of ongoing 50 percent Section 232 steel import tariffs, put in place by US President Trump in June 2025.
Since the end of October, when CSP prices started a steady weekly advance following an eight-week period of stability at $875/nt, the Nucor CSP has increased more than 25 percent.